The Philippines Securities and Exchange Commission (SEC) has announced that it is considering steps to legalize the use of digital currency by classifying them as securities. This idea is a consequence of the recent issuance by regulators of regulations on cryptanalysts such as Bitcoin. At the end of November 2017 at the press conference, SEC Commissioner Emilio Aquino stated that, to dispel any legal uncertainty, the agency plans to classify virtual currencies as securities:"We are aiming to qualify the so-called virtual currency offerings as securities to which the Securities Regulatory Code will be applied. Increasing popularity of ICO projects prompts the authorities to establish new consumer protection rules."
The Commissioner also stated that the agency bases its directives on existing legislation implemented by its counterparts in the US, Malaysia, Thailand and Hong Kong. According to Aquino, the SEC also discusses the approval and licensing of digital currency, which will be monitored by the Central Bank of the country - Bangko Sentral ng Pilipinas (BSP). He added that the Central Bank has already registered five or six companies that will act as cryptocurrency exchanges. Meanwhile, BSP Governor Nestor Espenilla Jr said that the Central Bank would be willing to tackle financial technology problems (fintech), such as digital currency. Moreover, deputy director of the BSP, Melchor Plabasan, said that Bitcoin and other cryptocurrencies are both money and investment instruments that are very profitable and risky to control.
Let's now take a look at the Bitcoin technical picture in the H4 time frame. The market is trading the extended wave five extensions of the wave five, so it means it is very mature and might reverse/pullback any time now. The next target is the psychological round number of $10,000 where the correction is expected. The H4 time frame target zone is between the levels of $10,000 - $10.090 and the daily time frame Fibo cluster is the area between the levels of $10,145 - $10,241.
